05 December 2012

"By necessaries I understand, not only the commodities which are indispensably necessary for the support of life, but whatever the custom of the country renders it indecent for creditable people, even of the lowest order, to be without. A linen shirt, for example, is, strictly speaking, not a necessary of life. The Greeks and Romans lived, I suppose, very comfortably, though they had no linen. But in present times, through the greater part of Europe, a creditable day-labourer would be ashamed to appear in public without a linen shirt, the want of which would be supposed to denote that disgraceful degree of poverty, which, it is presumed, no body can well fall into without extreme bad conduct. [...] Under necessaries therefore, I comprehend, not only those things which nature, but those things which the established rules of decency have rendered necessary to the lowest rank of people."

--Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (1776), V.ii.k.3

James R Otteson PhD

About Me

I am executive director of the BB&T Center for the Study of Capitalism, the Thomas W. Smith Presidential Chair in Business Ethics, and Professor of Economics at Wake Forest University in Winston-Salem, North Carolina. I am also a Senior Scholar at the Fund for American Studies in Washington, DC, a Research Professor in the Freedom Center and Department of Philosophy at the University of Arizona, and a Research Fellow at the Independent Institute in California. I have taught previously at Yeshiva University, New York University, Georgetown University, and the University of Alabama.